Sunday, 13 March 2016

What does it take to become successful?

By Tyrone Charles Solee


What does it take to become successful? Success has a lot of meaning to each of us. You can achieve success financially, success emotionally, success spiritually, etc.

In a recent addition to my learnings to become a successful entrepreneur and investor, I’ve learned about John Wooden’s Pyramid of Success.

John Wooden is a retired American basketball coach. He is a member of the Basketball Hall of Fame as both a player (class of 1961) and as a coach (class of 1973). He has authored a lecture and a book about the Pyramid of Success. The Pyramid of Success consists different philosophical building blocks for winning at basketball which can then be applied to become successful in life.

According to John Wooden’s Pyramid of Success, “Success” is at the apex of the pyramid.

“Success is peace of mind which is a direct result of knowing you did your best to become the best that you are capable of becoming,” says John Wooden

In order to achieve this success, one must follow 15 traits to become successful. These traits are so-called building blocks of success. Let’s discuss each of these traits starting from the bottom to the top.

Industriousness. John Wooden says: “Hardwork results in worthwhile accomplishments.” True enough, I think success is 90% perspiration and 10% luck. You need to act in order to succeed.

Honesty. John Wooden says: “Truthfulness should always prevail. Tell it like it is and not how you wish it to be.” Honesty is the best policy and the truth will set you free.

Friendship and loyalty. John Wooden says: “Friendship comes from mutual esteem, respect, and devotion. A sincere liking for all.” No man is an island. In order to achieve success, you must mingle with successful people. Find mentors and learn from them.

Cooperation. John Wooden says: “Cooperation with all levels of your co-workers is essential. Help others and see the other side”.” Two heads are always better than one. No once can be successful in its own. It is always a team effort. Learn to cooperate by sharing your knowledge and gain some knowledge as well from other people.

Enthusiasm. John Wooden says: “Your heart must be in your work. Stimulate others.” You must have the passion in what you do for if you have that passion and you keep it burning, your chances of achieving success in reaching those goals are high.

Self-Control. John Wooden says: “Keep emotions under control. Delicate adjustment between mind and body is needed. Keep judgment and common sense.” As the famous self-motivation coach Anthony Robbins said that our emotions are one of the keys to our health. Your emotions are somehow connected to your health and success. If you are a happy person, you will attract a lot of positive things. Positive things are always associated with success. Same thing goes for negative emotions. If you are always angry, then chances are you will attract negative emotions too.

Alertness. John Wooden says: “Ask rigorous questions. Be skilled in scientific reasoning.” Curiousity leads to knowledge.

Initiative. John Wooden says: “Summon the courage to make a decision and take action.” Sometimes, you need to take the initiative to take the proper actions without being told to do. Be proactive!

Intentness. John Wooden says: “Harness your ability to resist temptation and stay with your course. Concentrate on your objective and be determined to reach your goal.” If there’s a will, there’s a way. Aim high and stay focus in achieving your goals. It all boils down on how strong your will power is.

Condition. John Wooden says: “Mental, moral, physical and diet must be considered. Moderation must be practiced. Dissipation must be eliminated.” Everything that is excess and deficient is detrimental. Moderation is the key.

Skill. John Wooden says: “Skills are knowledge of and the ability to properly execute the fundamentals. Be prepared. Cover every details.” Skill must be developed. Constant education is the key in improving one’s skills.

Team Spirit. John Wooden says: “You must have an eagerness to sacrifice personal interests or glory for the welfare of all. The team comes first.” Sometimes, we need to set aside our personal concerns for the higher benefit of most people. Successful leaders are servants to their people.

Poise. John Wooden says: “Just be yourself. Be at ease in any situation. Never fight yourself.” Be true to yourself. Be comfortable in any situation. Don’t be pretentious.

Confidence. John Wooden says: “You should respect without fear. Be confident, not cocky. Confidence may come from faith in yourself in knowing that you are prepared.” Having faith in one’s self is the key. To have faith is to be prepared. You cannot win a war unless you are prepared. Same thing for success. Success comes with thorough preparation and planning.

Competitive Greatness. John Wooden says: “When the going gets tough, the tough get going. Be at your best when your best is needed. Real love of a hard battle.” Ultimately, success relies in yourself. It’s you who will make yourself successful and not others. Develop that attitude to be the best when your best is needed.

How about you, what’s your idea of success? What does it take for you to become successful?
Source: www.millionaireacts.com/

Quote for the day

“Although the cheetah is the fastest animal in the world and can catch any animal on the plains, it will wait until it is absolutely sure it can catch its prey. It may hide in the bush for a week, waiting for just the right moment. It will wait for a baby antelope, and not just any baby antelope, but preferably one that is also sick or lame. Only then, when there is no chance it can lose its prey, does it attack. That, to me, is the epitome of professional trading.” - Mark Weinstein

Saturday, 12 March 2016

10 Keys to Being A Trader, Not A Gambler

There is a big difference between a trader and a gambler.

Many people think they are traders when they are really just gamblers that could get better odds in Las Vegas betting on the roulette wheel than what they get in the financial markets. The difference between a trader and a gambler is similar to the difference between a casino and a gambler. The casino paradigm for traders was introduced in “Trade like a Casino” by Richard Weissman and this thinking process can really help traders become profitable.



THE EDGE

Why would the casinos in Las Vegas be so big and luxurious and gamblers mostly just be broke? Casinos have a statistical edge in their games of chance against the players of those games. Time is the friend of the casino and the enemy of the gambler. The more someone tries to beat the casino the more their chances of losing in their attempt. The casino also has table limits so a gambler cannot keep doubling down to eventually win there is a ceiling to the bet size the casino is willing to take the risk on. The casino does not risk its business and profitability on any one trade it has table limits to make sure no one win makes any difference in its profit and loss statement. The casino allows its edge to play out over a huge amount of trades so the odds come back in its favor over a large sample size of bets.

Another huge edge that the casino has is that it has no emotions; the casino does not care about any player and whether that player is winning or losing. In contrast the gambler is filled with emotions wanting to win back all their losses so they trade with the odds against them and usually trade bigger and bigger wanting that one win to get them back to even when it usually just takes them into bigger and bigger losses. Another plague of the gambler is that even after winning streaks they do not take their profits and leave with their money, they stick around and lose it all either through getting arrogant and trading too big or losing their discipline in their strategy that was working for awhile. Gamblers are generally doomed to be losers.

Ten Ways to Be a Trader NOT a Gambler
  1. Trade based on the probabilities NOT the potential profits.
  2. Trade small position sizes based on your account NEVER put your whole account at risk of ruin.
  3. Trade a plan NOT emotions.
  4. Always enter a trade with an edge that can be defined DO NOT trade with entries that are only opinions.
  5. Trade based on quantifiable facts NOT opinions.
  6. Trade after extensive research on what works and what does not. Don’t trade in ignorance.
  7. Trade with the correct position sizing since risk management is your number one priority and profits are secondary concern.
  8. Trade in a way that eliminates any chance of financial ruin NOT to get rich quick.
  9. Trade with discipline and focus DO NOT change the way you trade suddenly due to winning or losing streaks.
  10. Trade in the present moment and DO NOT get biased due to old wins or losses.

The question is what side of the market are you operating on? Are you with the majority who gamble and lose their money or are you with the minority acting as the casino picking up the profits that the gamblers consistently lose?

Source: www.newtraderu.com

Quote for the days

“The tendency on the part of investors toward gullibility rather than scepticism is an important reason styles go to extremes.” - Howard Marks

Friday, 11 March 2016

Colombo Stock Exchange Trade Summary 11-Mar-2016

Quote for the day

"I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than they were when they got up and boy does that help, particularly when you have a long run ahead of you." - Charlie Munger